Posts made in November 2018

Long-Term-Care Planning

Long-Term-Care Planning can seem like a daunting task, but it doesn’t have to be. Many people wish to age within the home they have come to love. It is important to have a discussion with your doctor and loved ones to decide if this is the best option. 70% of people who are 65 or older can anticipate using some form of Long-Term Care (2). 80% of those who receive long-term care (LTC) support live in a community setting or age-in-place by living at home (2).

Below we have compiled a list of what we feel are important pieces of advice when it comes to Long-Term Care Planning:

  1. Discuss the possibilities, no matter how grim and explain the need for care(1)

No one enjoys thinking about themselves aging, but it is one of the inevitable parts of life. Talking about every potential scenario – no matter how unpleasant – allows you to prepare yourself and your loved ones for what may come.

  1. Find the perfect timing (1)

It is never too early to start planning. We recommend not waiting to start planning until after experiencing a life-changing incident. Do your due diligence early on and you will thank yourself later.

3. Find perfect location (1)

Depending on your health and strength, your ideal option may be aging-in-place in your family home. If you need a little help and you have children who can support you, moving in with them may be idyllic. Some are able to hire live-in healthcare providers who help them perform daily tasks. While these options work for some, others need more acute care. The annual cost of LTC in a private room within a nursing home varies greatly from state to state.

  1. Learn about potential coverage options (1)

It’s essential to do your own research. Nearly half of all Americans over the age of 65 mistakenly rely on Medicare to take care of their needs. Medicaid covers LTC services, however this option also inflicts a strict income limit. Life insurance is helpful, but has it has drawbacks as well. Do some research and discuss your options with the ones you love.

  1. Listen to your loved ones preferences and concerns (3)

As we said earlier in this post, talking about aging is not something anyone enjoys. Allow everyone involved to express his or her opinions and feelings. This will help put you all on the same page, and allow worries to be addressed and preferences to be voiced. No one wants to give up their independence, but if it is necessary, being heard helps alleviate anxiety.

Long-Term Care Planning is a process. We hope these tips help make it a little easier on you and your loved ones!